Humber/Ontario Real Estate Course 2 Exam Practice

Which of the following details are typically provided in a buyer representation agreement?

1. A comprehensive marketing strategy.

2. A standardized form approved by the ministry.

3. A general property description.

4. A seller's financial history check.

5. A commission waiver clause.

6. A detailed property inspection report.

The correct answer is: A general property description.

In a buyer representation agreement, a general property description is typically provided. This description includes details about the property being sought by the buyer, such as the type of property, its location, size, features, and any other relevant information that helps the agent understand the buyer's needs and preferences. This information is crucial for the agent to effectively assist the buyer in finding suitable properties that meet their criteria. The other options are incorrect because: A. A comprehensive marketing strategy is usually part of a listing agreement, not a buyer representation agreement. B. While standardized forms are common in real estate transactions, the specific form used for a buyer representation agreement may vary and is not necessarily approved by the ministry. D. Checking the seller's financial history is not a typical detail provided in a buyer representation agreement. E. A commission waiver clause is not a standard provision in a buyer representation agreement; instead, the agreement usually outlines the commission structure and terms. F. A detailed property inspection report would typically be obtained during the due diligence phase of a real estate transaction and is not usually part of a buyer representation agreement.